Financial planning doesn’t have to mean something that only highly knowledgeable people can do, involving asset management, and investment options – although it does mean that as well! Financial planning is something we all do. We plan our money all the time, and monthly budgeting helps us use the money that we have wisely.

Monthly budgets need to include all the basic and necessary expenses such as monthly utility bills, fixed outgoings such as insurance premiums etc. Flexible expenses can be adjusted and changed according to your budget. Fixed outgoing expenses such as gas and electricity, phone etc. can also be amended, but that is a matter of choosing the best provider.

Switching providers can help us save more money than we imagine. We often remain on existing contracts for the sake of convenience, losing money every month in the process. For example, if you think your phone contract is not good value for money, you can easily find a better one. From business sim only deals to fancy Smartphones at great prices, it’s all out there.

Flexible spending includes money spent on food, takeaway, entertainment etc. These things can be altered every month. Entertainment can be sacrificed depending on our budget. Food cannot be sacrificed true, but groceries can be customised at will. It is possible to spend as much or as little as we like on food.

A monthly budget should include the amount that you want to save each month. Putting it down in the budget will help you stick to your saving goal.